Cooper Health System is planning a $130 million bond sale this month, $50 million of which is earmarked for patient-care projects at its Camden, N.J., hospital.
Cooper spokeswoman Lori Shaffer said the $50 million will be used to “fit out” two new floors at its 10-story pavilion, which opened in 2008. The money will also go toward new operating rooms.
“This is to address our growing hospital census and to provide more private rooms to improve the patient experience,” Shaffer said. “It will also provide additional operating rooms because of our increased surgeries.”
Last year, admissions at Cooper grew by 6.3 percent, while hospitals admission declined by an average of 3 percent statewide. Cooper officials said surgery volume has grown by about 40 percent over the past four years.
The rest of the funds from the bond sale will be used by the health system to refinance existing debt.
Moody’s Investor Service last week changed its outlook for Cooper Health System to “positive” from “stable,” citing the health system’s admission increases and its growth in unrestricted cash as two reasons for the upgrade.
The New York rating agency also noted Cooper’s recently announced partnership with MD Anderson Cancer Center in Houston, which it said “will likely result in continued growth in Cooper’s cancer service line as MD Anderson brings its clinical expertise and strong brand to Camden.”
Moody’s said Cooper continues to face challenges, such as its location in the “economically challenged city of Camden,” which makes the hospital dependent on state-subsidized charity-care payments.
The Cooper bonds are being issued through the Camden County Improvement Authority.
Source: Philadelphia Business Journal
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